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TaiwanICDF to cooperate with Salvadoran financial institution in supporting access to finance for micro and small enterprises in El Salvador

The TaiwanICDF and SAC Apoyo Integral, S.A. (Integral), a micro-financing financial institution operating in El Salvador, entered into a Memorandum of Understanding on November 28 at Crowne Plaza San Salvador, jointly expressing their common interests in cooperation toward the enhancement of financial inclusion in El Salvador. The MOU was signed by TaiwanICDF Secretary General, Amb. Timothy T.Y. Hsiang and Chairman of Integral, Mr. Luis Antonio Castillo. Ambassador Florencia M. H. Hsie of the R.O.C. (Taiwan) to El Salvador was also present to witness the signing ceremony.

Amb. Hsiang stated that Integral and the TaiwanICDF share the same goal of creating a more inclusive financial environment for El Salvador. Building upon the long term partnership between the two countries, we believe that the cooperation will contribute to economic and social development of El Salvador.

Despite serving as important economic engines, micro and small enterprises and informal economic sectors usually have less access to formal financial services which they need to grow. Consequently the economy of El Salvador is hindered to grow and develop to its full potential. To address the issue, the TaiwanICDF wishes to partner with Integral, the largest savings and credit cooperative company and the only formal micro-financing institution in El Salvador, by providing a US$3 million loan in support of the expansion of Integral’s lending business. The loan project will especially benefit rural and informal sector customers who are generally provided with even lesser access to finance.

Integral provides micro and small enterprises in El Salvador with a wide range of financing products and services, including credits tailor made for different purposes and customer sizes, savings of different minimum opening amounts, and also micro insurances. As a financial institution committed to backing the sustainable development of its clients, Integral also conducts education and training programs. Through Integral’s nationwide network of branches, the TaiwanICDF wishes to reach out across El Salvador and enhance financial inclusion of the country.

This cooperation will take effect upon the signing of an agreement for the loan by the two parties.

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Date:2017/11/30

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